Jio Platforms Join Hands with Polygon Labs to debut in Web3 Technology

CIOTechOutlook Team | Thursday, 16 January 2025, 09:57 IST

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Jio Platforms Ltd has teamed up with Polygon Labs, the developer arm of Polygon Protocols, to mark its entry into Web3 technology in India, Polygon Labs stated. Through this partnership, Jio Platforms intends to incorporate Web3 features into several of its current apps and services, managed by the RIL Group company, for its more than 450 million customers.

"Joining forces with Polygon Labs marks a significant milestone in Jio's journey towards digital excellence. We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users," JPL CEO Kiran Thomas said.

Web3 technology relies on blockchain, allowing seamless access and control of a tech platform from various points while maintaining security and user experience. It also provides users with authority over their data. Polygon is recognized for creating a blockchain layer aimed at enhancing the scalability of the Ethereum cryptocurrency platform.

"This is a significant step forward for web3 adoption in India. We look forward to working with Jio as they introduce Web3 to their millions of customers," Polygon's co-founder Sandeep Nailwal said. 

Web3 Technology represents the next phase of the internet, founded on blockchain technology. Additionally, it is managed collectively by its users. A McKinsey report states that Web3 represents the concept of a decentralized internet built on blockchains, which are distributed ledgers managed collectively by users.

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